XPS Pensions profit declines but hails ‘strong growth’ in revenue

XPS Pensions Group PLC on Thursday reported a slight decline in annual profit, despite double-digit revenue growth, but gave shareholders a chunky dividend hike.

Shares in the company were down 2.5% to 309.00p each in London on Thursday morning.

The Reading, England-based pensions consultant and administrator said pretax profit in the financial year that ended March 31 declined 5.0% to £38.7 million from £40.8 million.

Revenue climbed 13% to £262.7 million from £231.8 million, but operating expenses were 16% higher at £219.3 million from £188.6 million.

‘We are delighted that for the fourth year in a row we have achieved strong growth and are reporting another excellent set of financial results. The pensions world is rapidly evolving, with improved funding levels and changing regulation opening up a wide range of opportunities for our clients.

‘We are operating right at the heart of this transformation and continue to see strong demand for our services. Whether a scheme is to run on to release value to the sponsor and members, or whether other solutions such as insurance or superfunds are preferable, we are able to provide strong strategic support and excellent implementation across the board,’ Co-Chief Executive Officer Paul Cuff said.

‘We have also been very pleased with the growth of our insurance consulting practice, which we have been investing in as we see the worlds of pensions and insurance increasingly overlap.’

XPS said it is confident of ‘further growth’ in the new financial year.

XPS raised its final dividend by 11% to 9.1 pence per share from 8.2p, lifting its total dividend by the same 11%, to 13.2p from 11.9p.

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